Advent International (Advent) has signed a definitive agreement to acquire a significant stake in Imperial Dade, a distributor in North America of foodservice packaging and janitorial supplies, from Bain Capital Private Equity (Bain Capital).
Bain Capital, which first invested in Imperial Dade in 2019, and Advent will have joint Board governance.
Imperial Dade will continue under the leadership of Robert and Jason Tillis, Chairman and CEO respectively, who remain significant investors in the business alongside the current management team. Financial terms of the private transaction were not disclosed.
Audax Private Equity, which invested in Imperial Dade in 2016, also continues to be a significant investor in the company.
